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New Zealand bonds closed higher on Wednesday as a downward trend in prices continued in Global Dairy Trade (GDT) auction. Also, this represents the 4th straight decline witnessed at GDT events.
At the time of closing, the yield on the benchmark 10-year Treasury note, which moves inversely to its price, fell 3 basis points to 2.820 percent, the yield on 20-year note also dipped 2 basis points to 3.400 percent and the yield on short-term 2-year ended 1 basis point lower at 1.990 percent.
Dairy prices extended their losing streak at GlobalDairyTrade to the longest in two years, defying signs of recovery in many markets, after data showed a revival in milk output in top exporter New Zealand. Dairy values, as measured by the GlobalDairyTrade (GDT) index, dropped for a fourth successive auction, this time by 3.4%, to record their weakest finish in eight months.
The index, which came in at 969, also showed a year-on-year decline for the first time since May last year, when values were amid a rebound to a peak of 1,096 eventually reached five months ago. And the decline reflected drops in values paid for all products traded bar anhydrous milk fat, the price of which came in unchanged at $6,887 a tonne.
Moreover, markets are still less than convinced by the prospects of the center-left coalition government and its plans for the Reserve Bank of New Zealand (RBNZ). With the appointment of a new Governor looming, there are worries that the central bank could see a shift in its policy outlook, potentially moving back towards a dovish bias, reported Torfx.
A prospective alteration to the RBNZ’s mandate has also extroverted the appeal of the New Zealand bonds, with investors nervous of the central bank being tasked with stimulating employment in addition to its inflation target.
Meanwhile, the NZX 50 index closed 0.20 percent higher at 8,104.99, while at 05:00GMT, the FxWirePro's Hourly NZD Strength Index remained slightly bullish at 96.27 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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